On my 1098-T in box 1 (Payments received for qualified tuition and related expenses) I have $5,023 and then in box 5 (Scholarships or grants) I have $2,080. When figuring out my American Opportunity Tax Credit do I subtract box 5 from box 1?
For The American Opportunity Tax Credit Do I Need To Subtract Total Scholarship Money?
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That would be correct. You are only allowed to deduct what you actually paid for school.
Yes. You can only claim an education credit on amounts you paid out of pocket, not the amounts paid by scholarships or grants.